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Ten Early Warning Signs of Fraud in Organizations

  • Ten Early Warning Signs of Fraud in Organizations-

    Excuses, confusion or wild goose chases when disclosing to auditors, be they internal or external, can be a telltale sign too. We need to remember though that the audit team is not there to find fraud, rather to ensure that the correct processes are in place that will deliver appropriate protection.

    ACTION: Ensure that everyone treats audits as important and make sure that they are completed on time and properly, and with appropriate audit skills. Where there have been delays or difficulties investigate why this was the case by drilling down into the detail. Make sure that the business critical and financial exposure areas take a priority and act upon all failings both quickly and completely; with follow-up audits if necessary.

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Ten Early Warning Signs of Fraud in Organizations

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  • Ten Early Warning Signs of Fraud in Organizations-6

    Excuses, confusion or wild goose chases when disclosing to auditors, be they internal or external, can be a telltale sign too. We need to remember though that the audit team is not there to find fraud, rather to ensure that the correct processes are in place that will deliver appropriate protection.

    ACTION: Ensure that everyone treats audits as important and make sure that they are completed on time and properly, and with appropriate audit skills. Where there have been delays or difficulties investigate why this was the case by drilling down into the detail. Make sure that the business critical and financial exposure areas take a priority and act upon all failings both quickly and completely; with follow-up audits if necessary.

Anti-fraud consultancy UKFraud.co.uk has published a list of 10 common early warning signs that could alert management that fraud may be occurring in their organization. The list draws upon UKFRAUD.co.uk’s substantial experience across an international client base, ranging from major financial institutions, public sector bodies and corporations to SMEs and non-profit making organizations. The list works on the assumption that whatever tools they use, be it IT-based cons and false accounting or other traditional scams, the warning signs are often the same. As UKFraud.co.uk believes that awareness of the signs and a sound approach to countering them can often deter many opportunistic incidents of fraud, it has published the list to help executives benchmark their own operations. Suggested actions that can be taken to counter the risk of fraud are given following each sign.

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